Retail outlets under the nameplate of the Nigerian National Petroleum Company Limited effected an upward adjustment in the pump price of the Premium Motor Spirit, also known as petrol, to N945 per litre in the Federal Capital Territory on Monday.
They also adjusted their petrol price to N915 per litre at several of their Lagos retail outlets, marking a fresh upward shift in the downstream retail market. The latest increase marks a fresh spike of N45 and N35 in Lagos and Abuja, respectively, up from the previous prices of N870 and N910 per litre.
Also, independent marketers effected an increase of N60 from N895 per litre to N955 per litre in Abuja. In Lagos, the costs ranged from N915 to N950, depending on the station of the independent oil dealer.
The Pundit reports that as of Monday, petrol prices hovered between N915 and N950 in Lagos, Ogun and other parts of the South-West. Dangote’s partners, such as MRS, Heyden, AP and others, sold petrol at N925 per litre in Lagos and N935 in Ogun.
Our correspondents observed that the NNPC also jerked up its price on Monday, selling a litre of petrol at N915 in Lagos. Filling stations said they were wary of the price volatility, saying they had to raise prices, though the current stock was purchased before the price surge.
The price adjustments come just days after the Dangote Petroleum Refinery increased its ex-depot price of petrol from N825 to N880 per litre, sparking an industry-wide response.
Our correspondents observed that the new pricing was implemented across several NNPC-owned filling stations and independent marketers, intensifying the financial strain on consumers already grappling with high transportation and living costs.
At the NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, the new price of N945 per litre was boldly displayed, with similar adjustments noted at the state-owned mega station along Obasanjo Way.
Along the popular airport road, The PUNCH observed that A.Y.M. Shafa, A. A Rano and NIPCO sold their petroleum products at a uniform price of N955 per litre. However, strategic partners with the Dangote refinery, such as Optima and MRS, offered their products at N945 per litre.
In Lagos, stations located in Igando and along the Badagry Expressway reflected the revised N915 per litre rate. The ripple effect was also visible across private retail outlets. MRS filling stations, a strategic partner of the Dangote refinery, raised pump prices to N925 per litre in Lagos, up from N875.
TotalEnergies followed suit with a new price of N910, while other marketers like Oluwafemi Arowolo Petroleum in Iba pushed rates to N920 per litre.
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Meanwhile, petrol pump price is likely to skyrocket soon as Depot sources confirmed to The PUNCH that major supply hubs in Lagos, including Wosbab, Pinnacle, and NIPCO, have now set PMS ex-depot prices between N920 and N925 per litre as of June 23, citing rising upstream costs and international crude prices.
According to new data obtained from petroleumprice.ng, Dangote depot closed sales at N905 per litre, NIPCO Lagos topped the list with a N25 per litre jump, representing a 2.72 per cent increase, the highest among all surveyed outlets.
Other depots such as Fynefield, TSL, and Ever also recorded noticeable increases, pushing petrol depot prices as high as N940/litre in some locations. While a few depots like First Fortune, WOSBAB, and Rainoil Lagos have managed to hold prices steady at N920/litre.
The recurring upward adjustments are likely to fuel inflationary pressures, with commuters, businesses, and households bearing the brunt of a deregulated but unstable petroleum market.
On the global front, the escalating conflict between the United States and Iran has continued to rattle the oil market, with analysts projecting that crude oil prices may soon cross the $80 per barrel threshold. A weekend airstrike reportedly carried out by US-Israeli forces on Iranian nuclear sites has stoked fears of supply disruptions.
Iran has fired six missiles at US bases in Qatar and Iraq in retaliation for the bombing of its nuclear sites by the US military. Explosions have been heard over Doha after Iran launched a missile attack on a US base in Qatar.
Qatar has confirmed the attack on the US-run Al Udeid base, calling it a “flagrant violation.” Meanwhile, oil prices on Monday jumped to their highest since January after Washington joined Israel over the weekend in attacking Iran’s nuclear facilities.
Surprisingly, Brent crude futures dropped to $71.66 per barrel while WTI crude declined to $68.32 per barrel.
The Chief Executive Officer of PetroleumPrice.ng, Olatide Jeremiah, stated, “Tensions are heightened at the Depot while marketers are engaging in speculative pricing, hereby cashing out.
“The surge in depot fuel prices is abnormal, and it has to be controlled. The percentage increase in crude oil price lately is just 3 per cent, but importers and depot owners have hiked the price by over 10 per cent. Sooner, these prices will be passed down to the pump.”
